March 19, 2013

Market Pulse - 19 Mar, 2013

Tue, Mar 19, 2013 at 16:30 PM
Markets closed weak, amid political uncertainty.
Markets opened firm positive after tracking positive cues from Asian markets but closed weak amid political uncertainty after the DMK withdrew support to the ruling government UPA (United Progressive Alliance). Sensex closed down by 285.10 points or 1.48% at 19,008.10 after touching a high of 19,378.61 and a low of 18,939.47, whilw Nifty ended down by 89.30 points or 1.53% at 5,745.95 after touching a high of 5,863.60 and a low of 5,724.30 in the day.

Sectoral wise, all sectors ended the day negative with Realty index leading the list dropping down by 3.63%, followed by Capital Goods, Metal and PSU declining by 2.69%, 2.59% and 2.08%, Power, Bankex, Oil & Gas, Auto, Consumer Durables fell between 2-1% each, IT and FMCG dropped down by 0.69% and 0.41%, while Healthcare closed marginally down by 0.24%. In broader markets, Mid-cap index dropped down by 1.37% and Small-cap declined down by 1.57%.

Major stock gainers were, Gail (India) surging up by 1.96%, Bajaj Auto gained up by 1.17%, Sun Pharmaceutical gained up by 0.74%, ITC up by 0.44%, while Maruti Suzuki and Wipro Limited marginally up by 0.16% and 0.07%.

Major stock losers were, BHEL slumped down by 5.05%, Bharti Airtel and Sterlite Industries dropped down by 4.74% and 4.15%, Jindal Steel & Power Limited declined by 3.96%, Mahindra & Mahindra fell by 3.45%, HDFC dropped down by 3.01%, Tata Steel Limited, Larsen & Toubro, Hero Motocorp, ONGC, Hindalco Industries, Hindustan Unilever and State Bank of India declined down between 3%-2% each, Cipla Limited, ICICI Bank Limited, HDFC Bank Limited, Coal India Limited, Dr. Reddys Laboratories, Tata Consultancy Services, Tata Motors Limited and NTPC fell between 2%-1% respectively, Reliance Industries and Tata Power Company down by 0.79% and 0.56%, while Infosys declined marginally by 0.08%.

Reserve Bank of India (RBI) in its mid-quarter review of the monetary policy cut the repo rate by 25 basis points to 7.50%, but at the same time it also said that “the headroom for further monetary easing remains quite limited."

Sun TV Network slumped by 5.98% after DMK (Dravida Munnetra Kazhagam) withdrew its support to the UPA (United Progressive Alliance) government, over Sri Lanka issue. The company is owned and operated by Kalanidhi Maran, the nephew of DMK chief M Karunanidhi. Meanwhile, Citigroup downgraded the stock from "Buy" to "Neutral" citing its stronger performance compared with peers recently.

Bharti Airtel declined by 4.74%, on reports that the 2G Trial Court has summoned Sunil Mittal, chairman and managing director of the company in the additional spectrum allocation case.

Coal India dropped down by 1.50%, on reports that the UK-based TCI, a minority shareholder, called for CAG (Comptroller Auditor General) investigation in the company’s Fuel Supply Agreements (FSAs). According to TCI, the company has taken steps that have negative impact for investors, added report.

Overall market breadth was firm weak with 1,958 shares declined compared to 904 shares advanced, while 108 shares remained unchanged.

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